While the prices of goods and services continue to go up, one place you can expect some price stability is at Tesco. The retail giant has announced a freeze on the prices of some 1,000 items until 2023. This is part of the company’s Low Everyday Prices campaign which is running in tandem with its Aldi Price Match. It is hoped the price lock will offer customers a degree of certainty when they go shopping.
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‘Times are tough’
Thursday’s announcement suggests the decision to freeze the price of certain items goes together with its Exclusively at Tesco brands and exclusive deals through Clubcard Prices, which together cover more than 8,000 products. The move is coming at a time when Tesco posted a 10% fall in retail operating profits to £1.25 billion for the six months to August 27. Tesco UK Chief Executive, Jason Tarry, said:
We know times are tough for many customers right now, particularly as we head into the winter months. We hope this extended price-lock commitment gives our customers the certainty of knowing that over a thousand household favourites will stay at the same great price for months to come – helping them budget when they need it most.
Staff goodies
In the same announcement, Tesco said there has been an increase in staff hourly wage, the second this year. Effective November 13, the basic hourly rate of pay in stores will increase by a further 20p to £10.30 (or £10.98 in London).
This represents almost 8% wage increment this year. Staff discounts will also see an increase to support workers this Christmas. Ken Murphy, chief executive of Tesco, said:
We’re also investing significantly in our colleagues, with a further boost to pay announced today for our UK stores.
Sources used:
Manchester Evening News: Tesco makes big announcement on prices of 1,000 items
Walesonline: Tesco makes big announcement on prices of 1,000
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